Welcome back. Our lawyer in Raleigh NC has more tips for you regarding estate planning for owner dependent businesses.
Estate Planning | Lawyer in Raleigh NC
If you missed our previous blog post, be sure to visit back with it before moving on.
Let’s take a look at estate planning for people who plan to close their business upon their retirement or death. An estate plan can help in either situation. Retirement can be planned out more thoroughly, so an estate plan may not be critical. But if a business owner were to die unexpectedly, an estate plan is going to save the family and employees a lot of complications during what is an already difficult time.
An estate plan can also provide instructions should you become incapacitated. If you get sick but are expected to recover, you might need someone to manage your business while you are not able to do so. In this case, you should name someone who can manage the financial affairs as well as the services you provide and the people you employ. It can be someone who already works for the company, or a trusted friend or family member who knows the business. Should the unexpected happen and you become ill for a period of time, you will want to still have a viable business to come back to when you have recovered.
Remember, stay tuned for the next installment in this series on estate planning for owner dependent businesses, where we will cover issues such as liability, taxes, life insurance and how to take care of your employees.
Eldreth Law Firm | Lawyer in Raleigh NC
Our lawyer in Raleigh NC is here to help you with all your small business needs. Whether you're starting a new venture or making changes to an existing company, we can help with legal situations. Contact us to make an appointment!
As always, feel free to contact us with any questions or concerns you may have about estate planning. Also contact our lawyer in Raleigh NC to schedule a consultation if you have yet to start estate planning. It's never too early to make plans for your wishes upon death. In addition, our lawyer is here to help you with all your legal matters, whether it be estate planning, divorce, child custody, trademarking, copyrighting, or DWI issues.
Interested in learning more? Visit other blogs in this series: